【刊出新闻】《上海财经大学学报》2026年第5期目录
本期共 10 篇文章
从“投资于物”到“投资于人”：政府人工智能采购与企业数智劳动需求
摘要 · ABSTRACT
在中国经济社会深刻转型的关键时期，将“投资于物”与“投资于人”紧密结合，已成为推动高质量发展的必然要求。基于2016—2023年中国A股上市公司数据，文章利用大语言模型构建政府人工智能采购指数和企业数智劳动需求指数，实证检验政府人工智能采购对企业数智劳动需求的影响。研究发现，政府人工智能采购能够显著提升企业数智劳动需求。政府人工智能采购通过智能化资本深化效应、人工智能技术创新效应和组织治理升级效应提升企业数智劳动需求。政府人工智能采购对企业数智劳动需求的促进作用在高数字创业活跃度城市企业和高市场竞争企业中更为突出。政府人工智能采购主要促进企业增加对具有工作经验的数智劳动需求，而在学历维度上未呈现出明显的结构性偏向。文章从政府采购视角提供了政府“投资于物”带动企业“投资于人”的经验证据，为优化政府人工智能采购制度设计、推动企业数智化转型和促进高质量充分就业提供了有益参考。
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Abstract
At a critical stage of profound economic and social transformation in China, promoting the integration of “investment in goods” and “investment in people” has become an essential pathway to achieving high-quality development. As an important policy instrument representing “investment in goods”, whether government artificial intelligence (AI) procurement can stimulate firms to increase investment in digital-intelligent human capital and thereby facilitate the transition from “investment in goods” to “investment in people” remains an open empirical question. Using data from China’s A-share listed companies from 2016 to 2023, this paper employs large language models to construct a government AI procurement index and a firm digital-intelligent labor demand index, and empirically examines the impact of government AI procurement on corporate demand for digital-intelligent labor. The results show that government AI procurement significantly increases corporate demand for digital-intelligent labor. Mechanism testing indicates that this effect operates through three channels: intelligent capital deepening, AI technological innovation, and organizational governance upgrading. Heterogeneity analysis reveals that the positive effect is more pronounced among firms located in cities with a higher level of digital entrepreneurship activity and those operating in more competitive markets. Further analysis shows that government AI procurement primarily increases corporate demand for experienced digital-intelligent workers, while no significant structural preference is observed with respect to educational attainment. Based on these findings, this paper proposes the following policy recommendations: Improve the institutional design of government AI procurement; strengthen its employment-enhancing role; implement differentiated procurement policies tailored to regional and industrial characteristics; and improve the cultivation, mobility, and incentive mechanisms for digital-intelligent talents.
双创示范基地建设对地区新质生产力的影响——来自中国城市的经验证据
摘要 · ABSTRACT
国家双创示范基地被赋予打通“政产学研用”协同创新通道、集聚优势资源以及健全容错纠错机制的关键使命，为促进地方高质量发展提供了制度抓手。文章以国家自2016年起分批次设立双创示范基地的政策为准自然实验，借助双重差分法并基于2013—2022年273个地级市的研究样本，实证考察了双创示范基地设立对地区新质生产力发展的影响及其作用机制。实证结果表明：双创示范基地的设立显著提升了地区新质生产力发展水平，其作用机制主要包括创新主体激活、颠覆式技术创新引领以及数字产业集聚三条路径，且该政策对营商环境优良、产业集聚度高以及非资源依赖型地区的新质生产力更具促进作用；进一步研究发现，国家级双创示范基地对周边地区新质生产力的影响呈现复杂的空间异质性，但地方政府对创新的战略重视能够有效扭转地理劣势，成为化解虹吸风险、实现跨越式发展的关键因素。该研究为决策部门助推地区新质生产力发展提供了实证依据，也为进一步优化我国创新政策提供了改进方向。
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Abstract
New quality productive forces represent the fundamental path and key focus for resolving the dilemma of economic transformation and promoting high-quality development. However, in the practice of cultivating new quality productive forces, local governments still face three dilemmas: technology-industry disconnection, factor-demand disconnection, and policy-ecology disconnection. The National Demonstration Bases for Mass Entrepreneurship and Innovation have been entrusted with the key mission of establishing collaborative innovation channels among government, industry, academia, research, and application, gathering advantageous resources, and improving the fault-tolerance and error-correction mechanism, thus providing an institutional lever for solving the above problems. Based on panel data from 273 prefecture-level cities from 2013 to 2022, this paper takes the policy of establishing demonstration bases in batches since 2016 as a quasi-natural experiment and employs the DID method for empirical analysis. The results show that the establishment of demonstration bases significantly promotes the development of regional new quality productive forces. Mechanism testing reveals that this positive effect is achieved through three channels: activating innovation entities, leading disruptive technological innovation, and promoting digital industry agglomeration. Heterogeneity analysis indicates that the policy exerts a stronger promoting effect on new quality productive forces in regions with favorable business environments, higher industrial agglomeration, and no dependence on resources. Spatial analysis finds that the impact of demonstration bases on the new quality productive forces of surrounding areas exhibits complex spatial heterogeneity: A positive spillover effect occurs at a close distance, followed by an “agglomeration shadow area” beyond a certain distance, then positive spillover reappears after crossing that area, and finally dissipates gradually with an increasing distance. Further analysis shows that local governments’ strategic emphasis on innovation can effectively reverse geographical disadvantages: Cities with a higher innovation emphasis break through the constraints of geographical attenuation and achieve positive spillover at a long distance, while cities with lower innovation emphasis fall into the dual dilemma of “no spillover in proximity but suffering from siphoning at a medium distance”. This paper provides empirical evidence for decision-making departments to promote the development of new quality productive forces according to local conditions, and offers improvement directions for further optimizing China’s innovation policy system and promoting coordinated regional innovation development.
社会保险“五险合一”对企业创新的影响：掣肘抑或助推？
摘要 · ABSTRACT
为解决我国五项职工社会保险参保人数差异显著、经办分散等问题，五项职工社会保险统一参保与征收（即“五险合一”）政策在各地逐步推进。文章基于2007—2023年A股上市公司数据，运用双重差分模型发现“五险合一”政策能够显著促进企业创新，即研发投入占营业收入的比重提高0.305～0.609个百分点，表明要素替代效应、经办效率提升效应强于劳动力成本效应，这一政策效应主要通过提升企业社会保险缴费遵从度、提升企业人力资本水平两条路径实现。异质性分析显示，“税务+人社+医保”协同的“五险合一”政策的创新促进效应强于人社部门主导的“五险合一”政策，且政策效应在东部地区、小微企业、非国有企业、非税务代征地区更明显。基于此，我国应强化“五险合一”政策与稳岗等政策协同、推进部门间信息共享与经办整合，支持企业创新与社会保险制度可持续发展。
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Abstract
China has long been confronted with pronounced disparities in the number of participants across its five employee social insurance programs and with fragmented administrative procedures. To enhance the operational efficiency of the social insurance system, a policy of unified enrollment and contribution collection for the five employee social insurances—commonly referred to as the “Five-insurance Integration”—has been progressively rolled out across regions. This integration has evolved through two major stages: an initial stage of internal integration within human resources and social security (HRSS) departments, and a subsequent stage of coordinated integration involving tax authorities, HRSS departments, and healthcare security (medical insurance) departments. “Five-insurance Integration” will raise corporate social insurance contributions, which may impede corporate innovation through a labor-cost effect, or may reduce overall costs and foster corporate innovation through a factor-substitution effect (capital substituting for labor) and an efficiency-enhancing effect. To empirically determine the net impact on corporate innovation, this paper employs a DID approach using data on A-share listed companies from the CSMAR database over the period 2007-2023. The results show that “Five-insurance Integration” significantly promotes corporate innovation. The ratio of R&D expenditure to operating revenue increases by 0.305-0.609 percentage points, indicating that the factor-substitution and efficiency-enhancing effects outweigh the labor-cost effect. This policy effect works primarily through two channels—raising corporate social insurance compliance and upgrading human capital, and is characterized by short-term cash-flow pressures coupled with medium-to-long-term improvements in resource allocation. Heterogeneity analysis further demonstrates that the policy effect is more pronounced in eastern regions, SMEs, non-SOEs, and regions with non-full-responsibility collection by tax authorities. Based on the findings, it is recommended that China strengthen the synergy between the “Five-insurance Integration” policy and policies such as employment stabilization, and advance inter-departmental information sharing and administrative service consolidation, so as to further amplify the effectiveness of “Five-insurance Integration”, and provide robust support for corporate innovation and the sustainable development of the social insurance system.
链长制下企业价值链升级与绿色转型耦合：错位纠正视角
摘要 · ABSTRACT
在“双碳”战略和经济高质量发展背景下，制造业企业价值链升级与绿色转型的协同推进尤为关键。然而，现实中企业普遍存在“升级快、绿色慢”或“绿色快、升级慢”的错位问题，亟需制度创新予以矫正。文章以链长制为研究对象，基于多期双重差分模型，利用2009—2023年A股制造业上市公司微观数据，系统检验了链长制对企业价值链升级与绿色转型发展的耦合影响。研究表明：链长制显著提升了企业绿色转型与价值链升级的协同水平。机制检验发现，链长制通过三条路径发挥作用：标准制定效应减少了企业价值链升级和绿色转型之间的目标偏离，资源配置效应缓解了融资约束，长期激励改善效应优化了企业收益实现节点，从而纠正了两者在目标、成本与时间三方面的错位。扩展性分析进一步表明，链长制在短期内主要发挥“提质补绿”的作用，其政策效果在政府干预较强和区域一体化程度较高的地区更为显著。研究显示，链长制不仅是保障产业链稳定的重要制度创新，更是推动制造业绿色发展与价值链升级协调发展的有效机制。
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Abstract
Against the backdrop of the “dual carbon” strategy and high-quality economic development, the coordinated advancement of value chain upgrading and green transformation in manufacturing enterprises is especially critical. However, in reality, enterprises generally face the misalignment of “rapid upgrading but slow greening” or “rapid greening but slow upgrading”, which urgently requires institutional innovation to correct. Taking the chain leader system as the research object, this paper uses micro-level data from A-share manufacturing listed companies from 2009 to 2023 to systematically examine the coupling impact of the chain leader system on corporate value chain upgrading and green transformation development based on a multi-period DID model. The results show that, overall, the chain leader system significantly enhances the coordinated coupling level of value chain upgrading and green transformation in manufacturing enterprises; Mechanism testing reveals that the chain leader system operates through three paths: First, the standard-setting effect reduces deviations from corporate goals, coordinating value chain upgrading and green transformation in direction. Second, the resource allocation effect eases corporate financing constraints, promoting a balance between green investment and R&D upgrading in terms of cost. Third, the long-term incentive improvement effect enhances short-term incentives and corrects inconsistency in the pace of advancement among upstream and downstream enterprises. Further analysis finds that in the short term, the chain leader system mainly plays a role in “quality improving and green supplementing”, with a more significant effect on green transformation. In regions with stronger government intervention, the effect of the chain leader system is more pronounced, indicating that the guiding role of the government in institutional operation is indispensable; in regions with a higher degree of regional integration, the effect of the chain leader system is more pronounced, indicating that spatial integration can amplify the policy effect of the chain leader system. This paper shows that the chain leader system is not only an important institutional innovation to ensure industrial chain stability, but also an effective mechanism for promoting the coordinated development of green manufacturing and value chain upgrading.
碳密集型企业碳风险认知对企业投资效率的影响——基于外部融资与内部治理的双维驱动机制
摘要 · ABSTRACT
全国碳市场强制扩围重塑碳密集型企业的经营环境，规制性、规范性、认知性三类制度压力共同构成企业面临的外部约束。在此背景下，强化碳风险认知成为企业降低碳合规成本、优化战略配置、提升绿色投资回报的关键。文章以2012—2024年沪深A股碳密集型行业上市公司为样本，运用文本分析技术，从监管、声誉、竞争三个维度出发，统计碳风险认知词频，采用TF-IDF权重方法量化认知水平并开展实证检验。研究发现，碳风险认知能够通过缓解外部融资约束、提高内部治理水平来提升企业投资效率，其中，碳监管风险认知与碳声誉风险认知的提升作用更显著。异质性分析表明，在无环保背景高管、绿色转型水平高、过度投资的企业中，碳风险认知对投资效率的提升作用更显著。基于制度理论，文章突破了既有研究侧重企业内部单维度动因的局限，揭示了碳风险认知通过“外部融资—内部治理”双维驱动机制提升碳密集型企业投资效率的内在机理，拓展了企业绿色转型情境下制度压力响应与资源配置的理论探索，丰富了相关经验证据。
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Abstract
The mandatory expansion of the national carbon market and the implementation of dual carbon control policies have brought high-energy-consuming industries such as power generation and steel into the regulatory scope. These rigid constraints have reshaped the business environment of carbon-intensive enterprises, where regulative, normative, and cognitive institutional pressures jointly form the external constraint system for enterprises. Against this backdrop, carbon risk awareness serves as a critical measure for enterprises to cut carbon compliance costs, coordinate strategic resources, and increase returns on green investment. Based on institutional theory, this paper constructs a dual-driven path of external financing and internal governance to clarify the internal mechanism through which carbon risk awareness improves corporate investment efficiency. In this paper, A-share listed companies in carbon-intensive industries from 2012 to 2024 are selected as research samples. Based on the texts of corporate social responsibility reports, textual analysis is adopted to divide carbon risk awareness into three dimensions: supervision, reputation, and competition. After extracting relevant keywords and calculating word frequency, the TF-IDF weighting method is used to quantify the level of carbon risk awareness. The results show that carbon risk awareness significantly boosts corporate investment efficiency via two mediating paths. First, it effectively alleviates external financing constraints by reducing information asymmetry and expanding green financing channels. Second, it drives enterprises to restructure internal governance systems and optimize control procedures for green investment in order to strengthen internal governance efficiency. Sub-dimensional regression results demonstrate that carbon supervision risk awareness and carbon reputation risk awareness exert significant positive effects, while carbon competition risk awareness shows no obvious impact. Heterogeneity analysis verifies that this effect is more prominent in enterprises without senior executives with environmental backgrounds, those with a high degree of green transformation, and those suffering from over-investment. From the perspectives of institutional pressure and corporate strategic response, this paper fully reveals the underlying logic of capital allocation optimization driven by carbon risk awareness in carbon-intensive enterprises, expands the micro empirical system of institutional theory under the low-carbon transition context, and provides theoretical basis and empirical support for the optimization of carbon market policies and the rational green investment of high-carbon enterprises.
城投平台入股与企业关键核心技术突破
摘要 · ABSTRACT
关键领域“卡脖子”技术是制约我国新质生产力发展的重要因素，探讨如何促进微观企业突破关键核心技术具有重大现实意义。文章以2015—2022年A股上市公司为样本，深入考察了城投平台入股对企业关键核心技术突破的影响及其内在机制。研究发现，城投平台入股能够显著促进企业关键核心技术突破，其中政府战略引导和创新资源支持是主要传导路径。异质性分析发现，城投平台入股对关键核心技术突破的促进效应在基础研究力量更强、城投债发行金额更少的地区以及非企业纾困意图的情形中更加明显。此外，研究还发现，产业投资与综合性类型的城投平台入股能够更有利于促进企业关键核心技术突破；城投平台入股上市公司可以带来产业链创新溢出的积极效应；城投平台入股对企业在非关键核心技术领域的策略性创新并没有显著的积极影响。研究结论对完善政府产业投资机制、推动新质生产力发展具有重要的政策启示。
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Abstract
The “bottleneck” technology in key areas is an important factor restricting the development of new quality productive forces in China. It is of great practical significance to explore how to promote micro-enterprises to break through key core technologies. As an important vehicle for local governments’ industrial investment, urban investment platforms have increasingly engaged in the cultivation of strategic emerging industries and the pursuit of breakthroughs in key core technologies through equity investment, emerging as a pivotal instrument for steering industrial upgrading. However, existing research mostly explores the economic consequences of urban investment platforms investing in listed companies from their own perspective, while whether and how such investment behavior facilitates investee enterprises’ breakthroughs in key core technologies remains to be empirically tested. In view of this, based on a sample of A-share listed companies from 2015 to 2022, this paper empirically finds that equity participation of urban investment platforms significantly promotes breakthroughs in key core technologies. Mechanism testing reveals that equity participation of urban investment platforms drives such breakthroughs primarily through two channels: government strategic guidance and innovative resource support. Heterogeneity analysis indicates that the promotion effect is more pronounced in regions with stronger basic research capacity, those with lower issuance of urban investment bonds, and enterprises with non-bailout intentions. Furthermore, tests for distinguishing platform business types indicate that equity participation of industrial and comprehensive types of urban investment platforms can be more conducive to promoting breakthroughs in key core technologies. Further research shows that urban investment platforms investing in listed companies also generate a positive innovation spillover effect by stimulating substantive innovation activities among upstream and downstream enterprises through industrial chain synergy. The study also finds that equity participation of urban investment platforms exerts no significant positive effect on corporate strategic innovation in non-key and non-core technology fields. This paper offers important policy implications for refining the government’s industrial investment mechanisms and advancing the development of new quality productive forces.
债务置换能促进地方融资平台改革转型吗？
摘要 · ABSTRACT
构建与高质量发展相适应的政府债务管理机制，推进地方融资平台改革转型是落实“十五五”财政可持续的重要任务。文章在构建融资平台市场化转型指标体系并采用熵权-TOPSIS法测度的基础上，基于依申请公开收集整理的241个城市债务置换数据，实证检验了首轮债务置换对融资平台市场化转型的影响效应与作用机制。研究发现，债务置换显著促进了融资平台市场化转型。机制检验显示，债务置换同时产生减负效应与道德风险效应，前者通过降低付息负担、实现政企信用切割、缓释隐性债务风险支撑市场化转型，后者通过激励地方投资扩张形成负向制约。综合来看，减负效应整体占优。异质性分析显示，债务置换对融资平台市场化转型的促进作用在期限错配严重、非标依赖度高、信用评级低以及PPP融资依赖度低的样本中更为显著，印证了两条机制此消彼长的边界条件。研究结果为统筹化债与转型提供了新的经验证据和政策参考。
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Abstract
From 2015 to 2018, China issued RMB 12.2 trillion in swap bonds, converting the outstanding debt of local government financing vehicles (LGFVs) into low-cost and long-maturity government bonds. Does this policy accelerate the market-oriented transformation of LGFVs, or does it hinder the reform by reinforcing bailout expectations? This paper constructs a market-oriented transformation index across four dimensions (profitability, asset quality, debt risk, and government linkage) and measures the degree of marketization using the entropy-weighted TOPSIS method. The results show that debt swaps significantly promote the market-oriented transformation of LGFVs. Debt swaps entail two countervailing forces: a burden-reduction effect and a moral hazard effect. The burden-reduction effect lowers interest costs, improves the debt maturity structure, and eases liquidity constraints; these improvements, in turn, promote market-oriented transformation through the separation of government and enterprise credit and the mitigation of implicit debt risks. The moral hazard effect, by contrast, operates by fueling municipal construction investment, which in turn partially offsets the pro-transformation impact; strengthening audit oversight helps contain this channel. Comparing the two effects, the burden-reduction effect dominates the net outcome owing to its immediacy and directness, while the moral hazard effect has a limited adverse impact due to its lagged and indirect nature and the strengthening of central supervision. Heterogeneity analysis reveals that the swap effect is more pronounced among LGFVs with severer maturity mismatch, higher non-standard financing dependence, and lower credit ratings, as well as in cities with lower PPP financing dependence. These patterns delineate the boundary conditions under which the two mechanisms wax and wane. The main implication of this paper is that whether the debt swap policy can accelerate LGFV reform and transformation hinges on constraining moral hazards while delivering burden-reduction gains. Looking ahead, the key to optimizing the debt swap policy lies in hardening budget constraints, so that debt swaps serve as a genuine catalyst for market-oriented LGFV operations rather than a trigger for renewed rounds of implicit debt expansion.
三元共治视域下公平竞争审查制度的违规治理效应研究
摘要 · ABSTRACT
资本市场高质量发展有赖于企业合规经营，如何抑制企业违规对于营造良好的资本市场生态环境至关重要。文章以2008—2023年A股上市公司为研究样本，利用双重差分模型考察公平竞争审查制度对企业违规的影响及其作用机制。研究发现：公平竞争审查制度有助于抑制企业违规。机制分析发现，公平竞争审查制度通过制度激励、市场调节和企业自律实现三元共治机制，进而抑制企业违规，具体表现为营商环境优化、审计质量提升和内部控制完善。进一步分析表明，当地区法治化水平与要素市场发育程度更低、公司代理成本更高时，公平竞争审查制度对企业违规的抑制作用更强。研究结论不仅揭示了公平竞争审查制度的微观治理效应，也为推动资本市场高质量发展提供了有益参考。
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Abstract
The high-quality development of the capital market requires enterprises to operate in compliance with regulations; however, violations by listed companies have repeatedly occurred despite repeated prohibitions. Existing research mostly focuses on a single contingency factor to examine the normative path of corporate violations, making it difficult to form a multi-coordinated long-term constraint mechanism. How to stimulate the collaborative governance efficiency of governments, markets, and enterprises from the macro system design level is crucial for restraining corporate violations and creating a favorable ecological environment for the capital market. Taking A-share listed companies from 2008 to 2023 as the research sample, this paper uses a DID model to examine the impact of the fair competition review system on corporate violations and its mechanism. The study finds that the fair competition review system significantly inhibits corporate violations. Mechanism testing shows that the fair competition review system achieves the ternary co-governance mechanism through “institutional incentives”, “market regulation”, and “enterprise self-discipline”, and thereby restrains corporate violations. This is manifested in the optimization of the business environment, the improvement of audit quality, and the strengthening of internal control. Heterogeneity analysis based on the internal and external environment of enterprises reveals that when the level of regional rule of law is lower, the development degree of factor markets is lower, or the agency costs of companies are higher, the fair competition review system exerts a more prominent inhibitory effect on corporate violations. This paper not only reveals the corporate governance effect of the fair competition review system at the micro level, but also provides policy implications for promoting the high-quality development of the capital market.
论政府补贴公平竞争审查的集体豁免
摘要 · ABSTRACT
我国公平竞争审查制度当前实行全覆盖机制，旨在从源头防范一切可能具有排除、限制竞争效果的政策措施。然而，以政府补贴政策为例，实践中真正构成实质性竞争损害的案例占比极低。这类政策多以应对市场失灵、实现社会或政治目标为导向，其政策效益往往远超潜在竞争损害。在此背景下，全覆盖审查面临行政资源稀缺与错误成本高昂的双重掣肘，其在降低假阴性错误成本方面的边际效益亦有限。因此，有必要构建科学合理的集体豁免机制，通过类型化识别竞争损害风险低且具有显著经济社会效益的补贴政策，并制定明确的豁免标准与定量阈值，将符合条件的补贴政策排除在公平竞争审查范围之外。豁免范围具体涵盖微量补贴、区域投资补贴、中小企业补贴、研发创新补贴、环境保护补贴五类。同时，为避免豁免制度在实践中被滥用，应建立配套监督机制，以确保豁免规则的有效实施与公平竞争审查目标的实现。
关键词 · KEYWORDS
Abstract
China’s fair competition review system currently adopts a full-coverage mechanism, designed to prevent, at the source, all policy measures that may have the effect of eliminating or restricting competition. However, taking government subsidy policies as an example, practice shows that the proportion of cases that actually cause substantial harm to competition is extremely low. Such policies are mostly oriented towards addressing market failures and achieving social or political objectives, and their policy benefits often far outweigh their potential impact on competition. Against this backdrop, it is necessary to further explore whether China’s fair competition review system should subject all government subsidies to full-coverage review. From the perspective of institutional objectives, the core aim of fair competition review should be to ensure that the goals pursued by government actions can be achieved, and that the overall benefits brought about outweigh the resulting harm to competition. It is not meant to eliminate all competition distortions, and therefore it is unnecessary to cover every subsidy measure. From the perspective of institutional costs, the full-coverage review faces the dual constraints of scarce administrative resources and high error costs, and its marginal benefit in reducing false negative error costs is also very limited. Therefore, it is necessary to establish a scientific and reasonable block exemption mechanism, to identify by category those subsidy policies with low risk of harming competition and significant economic and social benefits, and to formulate clear exemption standards and quantitative thresholds to exclude qualifying subsidy policies from fair competition review. The construction of block exemption generally follows the principle of combining leniency with strictness. It must avoid falling into the Nirvana fallacy that “all review errors can be eliminated”, while also preventing overly lax exemption standards from rendering the fair competition review system ineffective. The scope of exemption specifically covers five categories: de minimis subsidies, regional investment subsidies, subsidies for small and medium-sized enterprises, R&D and innovation subsidies, and environmental protection subsidies. At the same time, to prevent abuse of the exemption system in practice, a supporting oversight mechanism should be established to ensure the effective implementation of the exemption rules and the realization of the objectives of fair competition review.
董事勤勉义务的规范展开与司法适用
摘要 · ABSTRACT
新《公司法》虽仅在第180条直接规定了董事勤勉义务，但其对该义务的规范内容并未局限于此单一法条。通过体系化解读第19条、第67条、第179条、第180条等条文可得，新《公司法》中董事勤勉义务规则至少能拓展出以下内容：一是将守法义务作为基本规范要求；二是强调董事在内部监督中须履行两项核心职责，即落实对董事会决议异常情况的调查，以及构建有效运行的公司内部控制机制；三是根据公司规模大小、是否为国家出资公司以及董事在公司内部的职权分工，对不同类型的董事设置差异化的勤勉义务内容。要在司法实践中落实新《公司法》的董事勤勉义务规则，关键在于明确该义务的司法审查标准。我国可以考虑引入司法谦抑性较强的商业判断规则，将其作为董事勤勉义务的司法审查标准，从而为司法实践提供初步的裁判框架与价值指引。
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Abstract
Although the new Corporate Law directly stipulates directors’ duty of diligence only in Article 180, its normative content regarding this duty is not confined to that single provision. A systematic interpretation of Articles 19, 67, 179, and 180 reveals that the rules on directors’ duty of diligence under the new Corporate Law can be expanded into at least three major dimensions. Firstly, at the level of basic norms, the duty to comply with the “requirements of laws, administrative regulations, and the corporation’s articles of association” should be regarded as the fundamental normative requirement of directors’ duty of diligence. Secondly, in terms of internal oversight, directors’ duty of diligence is manifested in two core responsibilities: One is to investigate abnormal circumstances in board resolutions; the other is to establish an effectively functioning internal control mechanism within the corporation. Thirdly, at the level of duty configuration, directors’ duty of diligence entails typified normative requirements. Under the new Corporate Law, this is reflected in the need to impose differentiated content of the duty of diligence on different types of directors, based on the size of the corporation, whether it is a state-invested corporation, and the division of powers and functions among directors within the corporation. To implement the rules on directors’ duty of diligence under the new Corporate Law in judicial practice, the key lies in clarifying the judicial review standards for this duty. China may consider introducing the business judgment rule, thereby providing a preliminary adjudicative framework and value guidance for relevant judicial practice. Of course, given the typified normative requirements of directors’ duty of diligence under the new Corporate Law, relying solely on the business judgment rule can hardly address the diverse and complex case scenarios in judicial practice. Therefore, introducing this rule is only the first step in remedying the current lack of judicial review standards for directors’ duty of diligence in China. In the future, a multi-layered system of review standards must be gradually established in judicial practice to fully respond to the complexities of corporate governance in China.